Legislation
SECTION 1219
Misconduct by directors; insolvency
Insurance (ISC) CHAPTER 28, ARTICLE 12
§ 1219. Misconduct by directors; insolvency. (a) Every director of an
insurance corporation who:
(1) in case of the fraudulent insolvency of such corporation, shall
have participated in such fraud, or
(2) as such director, either wilfully does any act expressly forbidden
by statute, or wilfully omits to perform any duty imposed upon him by
statute,
shall be guilty of a misdemeanor, unless otherwise prescribed by law.
(b) The insolvency of an insurance corporation is deemed fraudulent
unless its affairs appear upon investigation to have been administered
fairly, legally and with the same care and diligence that agents
receiving a compensation for their services are bound, by law, to
observe.
insurance corporation who:
(1) in case of the fraudulent insolvency of such corporation, shall
have participated in such fraud, or
(2) as such director, either wilfully does any act expressly forbidden
by statute, or wilfully omits to perform any duty imposed upon him by
statute,
shall be guilty of a misdemeanor, unless otherwise prescribed by law.
(b) The insolvency of an insurance corporation is deemed fraudulent
unless its affairs appear upon investigation to have been administered
fairly, legally and with the same care and diligence that agents
receiving a compensation for their services are bound, by law, to
observe.